Prepare dividend entries, prepare a stockholders? equity section, and calculate ratios.

(LO 4, 5, 6)

P11-4B?On January 1, 2014, Lamar Corporation had these stockholders? equity accounts.

Common Stock ($20 par value, 80,000 shares issued and outstanding)$1,600,000

Paid-in Capital in Excess of Par Value240,000

Retained Earnings750,000

During the year, the following transactions occurred.

Feb.1Declared a $1.00 cash dividend per share to stockholders of record on February 15, payable March 1.

Mar.1Paid the dividend declared in February.

July1Declared a 15% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $25 per share.

31Issued the shares for the stock dividend.

Dec.1Declared a $1 per share cash dividend to stockholders of record on December 15, payable January 5, 2017.

31Determined that net income for the year was $500,000. The market price of the common stock on this date was $32.

Instructions

(a)Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.)

(c)Total stockholders? equity $2,918,000

(b)Enter the beginning balances and post the entries to the stock-holders? equity T-accounts. (Note: Open additional stockholders? equity accounts as needed.)

(c)Prepare the stockholders? equity section of the balance sheet at December 31, 2017.

Can someone check to see if part a is correct and help me work out part b and c? See attached excel file for template

(a) General Journal Date Account Titles Debit Feb. 1 Retained Earnings Dividends Payable 60,000 Mar. 1 Dividends Payable Cash 60,000 Credit 60,000 60,000 Apr. 1 (There is no april entry) July 1 Stock Dividend 300,000 Common Stock Dividends Distributable Paid-In Capital in Excess of Partial Value 31 Common Stock Dividends Distributable Common Stock (b) 160,000 160,000 Dec. 1 Retained Earnings Dividends Payable 92,000 31 Income Summary Retained Earnings 500,000 31 Retained Earnings Stock Dividend 300,000 31 (There is no entry for this space) 160,000 140,000 92,000 500,000 300,000 Common Stock Date Explanation Ref. Balance Jan. 1 Debit Credit Balance 1,200,000 Common Stock Dividends Distributable Date Explanation Ref. Debit Credit Balance Credit Balance Paid-in Capital in Excess of Par Value - Common Stock Date Explanation Ref. Balance Jan. 1 Debit 200,000 Retained Earnings Date Explanation Ref. Balance Explanation Ref. Debit Credit Balance Ref. Debit Credit Balance Jan. 1 Debit Credit Balance 600,000 Cash Dividends Date Stock Dividends Date Explanation (c) Geffrey Corporation Balance Sheet (Partial) December 31, 2017 Stockholders' equity Common Stock (80,000 $20 par value) Paid in Capital Total Paid in Capital Retained Earnings Stockholders' equity (a) General Journal Date Account Titles Feb. 1 Cash dividends Dividends Payable Debit Credit 80,000 80,000 Feb 15 No entry Mar 1 Dividends payable Cash 80,000 80,000 July 1 Stock Dividend 300,000 Common Stock Dividends Distributable Paid-In Capital in Excess of Partial Value 240,000 60,000 July 1 Stock Dividend 300,000 Common Stock Dividends Distributable Paid-In Capital in Excess of Partial Value 240,000 60,000 Jly 31 Common stock dividends distributan;e Common stock 240,000 Dec 31 Cash dividends Dividends payable 240,000 92000 92000 Retained earnings Stock dividend 300,000 31 Income Summary Retained Earnings 500,000 Retained earnings Cash dividends 172,000 300,000 500,000 172,000 (b) Common Stock Date Explanation Ref. Balance Jan. 1 Debit Credit 240,000 Balance 1,600,000 1,840,000 Common Stock Dividends Distributable Date Explanation Ref. Debit Credit Balance 240,000 240,000 0 Paid-in Capital in Excess of Par Value - Common Stock Date Explanation Ref. Balance Jan. 1 Debit Credit Balance 240,000 60,000 300,000 Retained Earnings Date Explanation Ref. Balance Jan. 1 Debit Credit Balance 172,000 750,000 1,250,000 1,078,000 300,000 778,000 500,000 Cash Dividends Date Explanation Ref. Debit Credit Balance 80,000 92,000 92,000 Stock Dividends Date Explanation Ref. Debit Credit 300,000 300,000 (c) Geffrey Corporation Balance Sheet (Partial) December 31, 2017 Stockholders' equity Common Stock (80,000 $20 par value) Paid in Capital Total Paid in Capital ### 300,000 ### Retained Earnings Stockholders' equity 778,000 ### Balance (a) General Journal Date Account Titles Feb. 1 Cash dividends Dividends Payable Debit Credit 80,000 80,000 Feb 15 No entry Mar 1 Dividends payable Cash 80,000 80,000 July 1 Stock Dividend 300,000 Common Stock Dividends Distributable Paid-In Capital in Excess of Partial Value 240,000 60,000 July 1 Stock Dividend 300,000 Common Stock Dividends Distributable Paid-In Capital in Excess of Partial Value 240,000 60,000 Jly 31 Common stock dividends distributan;e Common stock 240,000 Dec 31 Cash dividends Dividends payable 240,000 92000 92000 Retained earnings Stock dividend 300,000 31 Income Summary Retained Earnings 500,000 Retained earnings Cash dividends 172,000 300,000 500,000 172,000 (b) Common Stock Date Explanation Ref. Balance Jan. 1 Debit Credit 240,000 Balance 1,600,000 1,840,000 Common Stock Dividends Distributable Date Explanation Ref. Debit Credit Balance 240,000 240,000 0 Paid-in Capital in Excess of Par Value - Common Stock Date Explanation Ref. Balance Jan. 1 Debit Credit Balance 240,000 60,000 300,000 Retained Earnings Date Explanation Ref. Balance Jan. 1 Debit Credit Balance 172,000 750,000 1,250,000 1,078,000 300,000 778,000 500,000 Cash Dividends Date Explanation Ref. Debit Credit Balance 80,000 92,000 92,000 Stock Dividends Date Explanation Ref. Debit Credit 300,000 300,000 (c) Geffrey Corporation Balance Sheet (Partial) December 31, 2017 Stockholders' equity Common Stock (80,000 $20 par value) Paid in Capital Total Paid in Capital ### 300,000 ### Retained Earnings Stockholders' equity 778,000 ### Balance